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General Motors Co. (NYSE: GM) today announced 2012 calendar-year earnings of $4.9 billion, or $2.92 per fully diluted share, down from $7.6 billion, or $4.58 in 2011. The company sold 9.3 million vehicles during the year and the earnings, while positive for the third straight year, were hurt by deepening losses in Europe, which has cost GM -$18 billion since 1999. GM wrote down more than $5 billion in assets in the Eurozone, and it also wrote off more than half the value of its PSA Citroen stock (-$220 million) acquired latest year in what GM said was a collaboration that would, eventually, save billions. North American costs also increased, resulting in flat earnings for GM’s most profitable market. GM did however pick up 4 points of market share in China, the world’s largest auto market. Continue reading →